fund
Ninety One Asia Pacific Franchise I
Asia ex Japan fund managed using 4 factor quantitative process.
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462.71p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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4.50% 0.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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0.75%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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1.03%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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0.40%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
The Fund aims to achieve capital growth over the long term by investing primarily in shares of companies in the Asian region (ex Japan). The Fund uses a quantitative investment process (a '4 factor model') developed by Investec which selects companies that are able to increase their cash flows and also trade on attractive valuations.
Fund summary
| Sector | Asia Pacific Excluding Japan |
| Structure | OEIC |
| Launched | June, 2007 |
| Size | £341m |
| Yield | 0.40% |
| Charging basis | |
| Dividends paid | Acc units only |
Charges
| Standard initial charge | 4.50% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 0.75% |
| Ongoing charges figure | 1.03% |
Allocation
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Investment process
The fund is looking to achieve capital growth by investing in equities in Asia including Australasia and excluding Japan. The fund uses Investec's quantitative '4 Factor Model' which identifies stocks that score well on the following 4 factors: strategy, valuations, dynamics and technicals. Once these stocks are flagged, the fund manager evaluates them in more detail. Stocks with a high score are generally good buy candidates, while stocks with a lower score are generally viewed as sells.
Manager research
Average monthly relative returns
- 16/17 0.25%
- 17/18 0.58%
- 18/19 0.09%
- 19/20 0.93%
- 20/21 -0.23%
Bestinvest MRI
- 3 years 0.26%
- 5 years 0.33%
- Career 0.19%
- 3 years 83.20%
- 5 years 95.70%
- Career 99.70%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
Greg Kuhnert
Kuhnert is a Financials sector specialist. Prior to joining Investec, Greg worked for Ernst & Young in 1995 before he qualified as a Chartered Accountant (SA) in 1997. He graduated from the University of Witwatersrand in Johannesburg, South Africa in 1994 and achieved a first class pass in Bachelor of Accountancy. Kuhnert was one of the top ten candidates in Part One of the Qualifying Exam of the South African Institute of Chartered Accountants in 1995. He is also a CFA charterholder.
Track record
Greg Kuhnert has 15.5 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.19%. During the worst period of relative performance (from June 2018 - October 2018) there was a decline of 8% relative to the index. The worst absolute loss has been 46%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.
Periods of worst performance
| Absolute | -46.00% (October 2007 - November 2008) |
| Relative | -8.00% (June 2018 - October 2018) |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
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Top 10 holdings
Data accurate as at 31 July 2020
| 9.4% | Alibaba Group Hldg Ltd |
| 8.4% | Tencent Hldgs Ltd |
| 7.6% | Samsung Electronics Co |
| 5.7% | Netease Inc |
| 5.2% | Taiwan Semiconductor Co |
| 5.1% | Kweichow Moutai |
| 4.1% | Aia Group Ltd |
| 4% | Hangzhou Tigermed Consulting Co Ltd |
| 3.5% | Csl |
| 3.3% | Hengan Intl Group Co Ltd |
| Source: Trustnet |
Sector breakdown
| Consumer Staples | 20.00% |
| Consumer Discretionary | 20.00% |
| Information Technology | 17.00% |
| Communications | 16.00% |
| Health Care | 11.00% |
| Financials | 7.00% |
| Money Market | 5.00% |
| Materials | 3.00% |
| Industrials | 2.00% |
Portfolio
70-80 holdings
Constraints
Stock weights +/- 5% compared to index, sector and country weights +/- 10%. Targets tracking error of 8%.
Key Investor Information